The U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) registered a cumulative net outflow of $287.8 million on Tuesday, the largest single-day tally since May 1, when the funds bled over $500 million. Fidelity's FBTC led the outflows, registering $162.3 million in withdrawals, followed by Grayscale's GBTC with an outflow of $50.4 million and BITB and ARK with $25 million and $33.6 million, respectively.
Bitcoin's price fell over 2.7% to $57,500 on Tuesday, reversing Monday's bounce. The losses came after the U.S. ISM manufacturing PMI printed below 50, indicating a continued contraction in the activity in August. The data revived growth fears, weighing over risk assets, including cryptocurrencies.
"A miss in the manufacturing PMI rehashed fears of an economic slowdown, with Nvidia leading the sell-off, losing 9.54%," crypto OTC liquidity network Paradigm said in a Telegram broadcast. At press time, BTC changed hands at $56,500, extending overnight losses and the futures tied to the S&P 500 traded 0.4% lower.
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